EIB Global has committed €40 million to Speedinvest’s first dedicated Africa-focused investment vehicle, aimed at financing high-growth technology startups across the continent. This initiative strengthens EU–Africa ties, promotes digital transformation, and supports inclusive economic growth, enabling African innovators to scale regionally and globally. At least 30% of the fund’s capital will target companies advancing gender equality, supporting women as founders, employees, or consumers under the 2X Challenge initiative.
The investment vehicle will back technology companies in major African innovation hubs, including Egypt, Morocco, Nigeria, Kenya, and South Africa, as well as high-potential markets such as Ghana, Côte d’Ivoire, Cameroon, the Democratic Republic of Congo, Tunisia, Tanzania, and Uganda. The focus is on technology-enabled, mobile-based services across payments, healthcare, mobility, and education, with the goal of improving digital and financial inclusion and strengthening commercial and capital linkages between African and European ecosystems.
The initiative is expected to deliver broad social benefits, including job creation for young people and expanded access to digital banking and essential services for underserved communities. EIB Vice-President Karl Nehammer emphasized that the fund will help African innovators access new markets and build sustainable businesses, creating shared opportunities for Africa and Europe.
Speedinvest has a long-term commitment to African startups, backing companies such as Moove, FairMoney, Khazna, Mophones, Anda, Julaya, Oze, Precium, and Leta. The new fund builds on this experience, leveraging Speedinvest’s European network of operators, sector expertise, and follow-on capital to help founders scale regionally and internationally. The fund will be managed by Speedinvest partners Deepali Nangia and Rana Abdel Latif, with a planned African office to strengthen local presence and hands-on support.
EIB Global, the international development arm of the European Investment Bank, focuses on expanding the impact of EU partnerships and development finance worldwide. The EIB Group also includes the European Investment Fund (EIF), which supports small and medium-sized businesses and startups through equity, guarantees, and venture capital. Speedinvest is a European venture capital firm with €1.2 billion in assets under management and a global network, backing founders from pre-seed to growth stages and supporting scaling in multiple sectors across Europe, Africa, and beyond.
